CIBC Bank USA recently closed a new $35 million commercial mortgage term loan and $1.5 million working capital line of credit for a high-quality skilled nursing facility in Virginia to refinance its debt. The 101-bed facility, which has an effective age of 15 years, posted very strong operating results, with occupancy around 92% and an EBITDAR margin historically at 25%.
With those results, it is no wonder the facility was able to obtain nearly $350,000 per bed of debt. An experienced Virginia owner/operator was the borrower. Matthew Tyler and Neal Netzel handled the financing on behalf of CIBC.
